TASS, August 21. Business resident of the Amur advanced development territory, which began working during the Eastern Economic Forum in September, 2023, produced one million tons of titanium-magnetite concentrate and reached the planned capacity, the Amur Region's government's press service said.

The BAGK Company has been implementing a project to produce titanium magnetite and ilmenite concentrates in the region's Tynda District.

"We have revived import-substituting production of raw materials that are important for Russia and that are used in many industries," the press service quoted the company's President Albert Dzhussoev as saying. "We have produced one million tons of titanium magnetite concentrate, which is the planned capacity. Ilmenite concentrate's monthly production has reached 8,000 tons and we plan that by the end of 2024 the capacity will grow to 15,000 tons."

Under an agreement with the Corporation for the Development of the Far East and the Arctic, the company's investments are more than 4.1 billion rubles ($45 million). The company has organized about 1,400 jobs.

Under agreements with the Corporation, business residents of the Amur advanced-development territory are implementing 47 projects with total investments of 2.09 trillion rubles ($23 billion), where 15 projects have reached successfully the operational stage. Businesses create 10,400 jobs.